Disney will produce Raimi’s version of Oz, and due to their strong relationship with Depp they feel as if he’d be the perfect candidate to play the title character. The actor has already headlined several blockbuster films for the studio including Alice in Wonderland and the Pirates of the Caribbean franchise.

Despite their history, Depp’s not a done deal. The actor is a very busy man, and is expected to begin shooting Tim Burton’sDark Shadows adaptation fairly soon. At the same time, Disney has already hired “a unit production manager and begun the task of creating the world of Oz.”

On another note, if Depp does accept the role in Oz, it would affect another Disney project he has in the works — Lone Ranger. The production will have to be pushed back to accommodate the new feature. What’s a studio to do?